Overdrafts

Our overdrafts are designed to help you meet unexpected expenses or bridge the gap between your salary coming in and payments going out.
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Key features & benefits

  • Your overdraft will have an approved overdraft limit which you can borrow up to as you need

  • You'll only pay interest on the money you use and there's no minimum monthly payment

  • No monthly account or application fees

Rates & fees

Account management fee

Free

Application fee

Free

Authorised overdraft rate

Overdraft authorised rate (active)

A standard overdraft within your approved limit

Unauthorised overdraft rate

Overdraft unauthorised rate (active)

If your account goes into negative balance or exceeds any agreed overdraft limit

Interest rates are subject to change. Service fees may apply.

How it works

  • Getting an overdraft

    You can apply for an overdraft on your everyday account by completing the application form at the bottom of this page. Before applying you should make sure this is the best option for you.

  • Overdraft limit

    Your overdraft will have an agreed overdraft limit when your balance goes below zero — which you can borrow up to as you need.

  • Repayments

    You'll only pay interest on the money you use. There's no minimum monthly payment, but you can minimise the amount of interest you pay on your overdraft by repaying it as quickly as you can.

  • Joint account

    You can apply for an overdraft on a joint account. We'll assess affordability and if this is the right product for both account holders.

Eligibility

To be eligible for an overdraft, you must meet the following criteria:

  • You have to be 18 years of age or over

  • Be a New Zealand citizen or a Resident Visa holder living in New Zealand or hold a relevant Working Visa*. For applicants on Working Visas, you must have an annual gross income of $70,000 per year to be eligible to apply

  • You must have a good credit history — this means you haven't been declared bankrupt or you have no unpaid defaults or collections

  • You'll need your regular income to be credited into your Kiwibank account

  • You'll need to meet affordability requirements by having money left over after your expenses are paid

Support for financial difficulty

If you're having trouble managing your overdraft repayments, we're here to help.

You don't need to wait until you've missed a payment. The sooner you talk to us, the more support may be available.

See our support for financial difficulty page for more information.

Apply for an overdraft

It's a good idea to do a credit assessment on yourself before you apply. Visit centrix.co.nz to do your own credit assessment. Your score will need to be rated fair, average, very good or excellent to apply. It doesn't impact your credit score and could save time.

Get in touch

If you meet all the eligibility criteria above, fill out the application form and email it to applications@kiwibank.co.nz.

Download application form

Kiwibank’s Personal Overdraft Terms and Conditions apply to all Kiwibank Overdrafts.

*A relevant Working Visa includes: Specific Purpose Work Visa, Skilled Migrant Category Resident Visa, Straight to Residence Visa, Work to Residence Visa, Long Term Skill Shortage List Resident Visa.

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